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Article 1 - General Provisions and Definitions. Article 2 - Judicial Proceedings. Article 3 - Representation. Article 4 - Creation, Validity, Modification, and Termination of Trust. Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts. Article 6 - Revocable Trusts. Article 7 - Office of Trustee.
- Article 1 - General Provisions and Definitions :: 2019 Illinois ...
Except as otherwise provided, this Code applies to express...
- Article 1 - General Provisions and Definitions :: 2019 Illinois ...
the Illinois Trust Code (ITC). The ITC, essentially a new set of laws applicable to various trusts in Illinois, is effective Janu-ary 1, 2020. Its precursor was the Illinois Trusts and Trustees Act. The ITC was developed primarily to reflect the Uniform Trust Code (UTC) in its terminology, structure and number-ing system.
Except as otherwise provided, this Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
1 sty 2020 · Browse Illinois Compiled Statutes | Act 3 - [Effective 1/1/2020] Illinois Trust Code for free on Casetext.
Article 1 - General Provisions and Definitions. Article 2 - Judicial Proceedings. Article 3 - Representation. Article 4 - Creation, Validity, Modification, and Termination of Trust. Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts. Article 6 - Revocable Trusts. Article 7 - Office of Trustee.
What you need to know as trustee. The Illinois Trust Code applies to the operation of Trusts in Illinois after January 1, 2020. This law imposes certain duties on trustees (see chart below). Language in your trust can modify some of these provisions, but not others. Some of these can be modified.
Sec. 813.1. Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code.
